- Vale (VALE +0.8%) is set to go ahead with the sale of its fertilizer business after its board of directors gave its approval, Reuters reports, citing the Valor Economico newspaper.
- Most of the fertilizer assets will be sold to Mosaic (MOS -1%), while its plants in Cubatão, São Paulo likely will go to Yara International (OTCPK:YARIY +1.3%), according to the report.
- Reuters reported earlier this month that Vale was negotiating the sale with MOS and Yara for at least $3.6B.
- Vale's board reportedly also approved the sale of its Carborough Downs coal mine, the company's last operating mine in Australia.